No more cash in taxis or at street vendors? There is now an app for that

Vendors will still have to pay fees to the provider, but lower than bank terminal rent.

A new app allows vendors to accept debit and credit card payments without the need for a bank terminal.A new app allows vendors to accept debit and credit card payments without the need for a bank terminal. (Source: Sme )

In Slovakia, having cash on hand can still be a requirement when shopping in some places, such as small shops or when buying something from a street vendor. A Czech-based company is now looking to change that.

BUSINESS FOCUS: Future of banking lies in digitisation and smart solutions Read more 

Owners of small shops are often reluctant to implement bank terminals. They point to high merchant fees and rent, which they have to pay even if they have no sales that month. Interchange fees are the largest hinderance to the development of the use of card terminals; in Slovakia there are 16 terminals per 1,000 people, whereas the EU average is 32 terminals per 1,000 people, the Index magazine reported.

The Czech-based company Global Payments wants to change the current status quo. Since February 16, 2020, they have been offering Czech and Slovak merchants a new app called GP tom, which allows them to accept debit and credit card payments by just using their phone.

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